Real estate newsletter - latest articles.
Common Contingencies in Real Estate Contracts
1. Financing Contingency
In This Issue:
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Understanding Contingencies in Real Estate Contracts — Decode the key protections that keep deals safe for buyers and sellers, and learn how to manage them strategically to avoid delays or surprises.
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Ask Your Agent for a Customized Market Snapshot — Get clarity on what’s really happening in your local market—prices, inventory, buyer demand, and trends that matter for your next move.
Read More » -
Appraisal 101: How It Works and How to Prepare — What appraisers look for, how to prep your home, and your options if the appraisal comes in low.
Read More »
Understanding Contingencies in Real Estate Contracts
Summary
Contingencies are one of the most misunderstood—and most important—parts of a real estate contract. They protect both buyers and sellers, but can also introduce delays, negotiations, or deal-breakers. This report explains the most common contingencies, what they mean, and how to handle them strategically from either side of the transaction.
In real estate, a contingency is a condition that must be met for a contract to move forward. Contingencies protect buyers and sellers from committing to a deal if something critical changes. But they can also complicate and delay closings.
Understanding how contingencies work helps you negotiate smarter, avoid misunderstandings, and close with confidence.
Common Contingencies in Real Estate Contracts
1. Financing Contingency
- Gives the buyer time to secure a mortgage
- If the buyer is denied financing, they can cancel without penalty
- Usually includes a deadline for loan approval
Tip for buyers: Get pre-approved early to reduce risk
Tip for sellers: Verify buyer pre-approval before accepting
- Allows the buyer to conduct a professional inspection
- If major issues are found, the buyer can:
- Request repairs
- Negotiate a credit
- Walk away (within the time frame)
Tip for sellers: Consider pre-inspections to uncover and fix issues
Tip for buyers: Focus on safety, structure, and systems—not cosmetic flaws
- Protects the buyer if the home appraises below the offer price
- Common when using a mortgage
- May lead to price renegotiation or buyer making up the difference
Tip: In hot markets, some buyers waive this to stay competitive
4. Home Sale Contingency- Buyer’s purchase is dependent on selling their current home
- Riskier for sellers—can delay or derail closing
Tip for sellers: Include a "kick-out clause" to continue showing the home
Tip for buyers: Consider bridge loans if timing is tight
- Ensures the home has clear ownership and no liens
- Buyer can walk away if title issues can’t be resolved
- Allows time to review HOA rules, budgets, and bylaws
- Can trigger withdrawal if terms are unfavorable
- Buyer must confirm the property is insurable at a reasonable cost
- Useful in high-risk areas (flood, wildfire)
Contingencies usually come with deadlines:
- 7–10 days for inspections
- 14–21 days for loan approval
- 30–60 days for home sale contingencies
Delays in fulfilling them can push closing dates or cancel deals.
Should You Waive Contingencies?Waiving contingencies can strengthen a buyer’s offer—but it increases risk. Only waive if:
- You’ve reviewed disclosures and done inspections already
- You have solid financing in place
- You’re willing to walk from your deposit if something goes wrong
- Shorten timelines to keep momentum
- Offer repairs or credits to avoid post-inspection renegotiations
- Use escalation clauses to win offers without waiving protection
- Request extensions early if delays occur
Contingencies aren’t just legal jargon—they’re the safety nets and guardrails of your deal. Whether buying or selling, knowing how to use and respond to them is essential. With smart timing, good advice, and clear expectations, you can use contingencies to protect your interests and close with confidence.
Ask Your Agent For A Customized Market Snapshot
Summary
Whether you’re buying or selling, understanding the current market in your area is key to making smart decisions. This report helps you decode the headlines and focus on what truly matters: local prices, inventory, buyer demand, and where things may be headed. Get a clear picture of what’s happening now and what it could mean for your next move.
National news headlines often paint a dramatic picture of the real estate market, but the real action is local. What’s happening in your city, your neighborhood, and even your price range has a much bigger impact on your buying or selling experience. Here’s how to understand and interpret what’s happening in your local market and what it means for you.
- Home Prices: Are They Rising, Falling, or Holding Steady?
Start by tracking local sale prices over the past 6–12 months. Are they trending up or down? Are prices rising slowly, spiking, or softening? Use median sale price, price-per-square-foot, and list-to-sale price ratios as your key metrics. This helps set realistic expectations whether you’re buying or selling. - Inventory: How Many Homes Are on the Market?
Inventory refers to the number of homes available for sale. Low inventory favors sellers (fewer options = more competition). High inventory benefits buyers (more options = more negotiating power). Watch how inventory fluctuates from season to season and year over year. - Days on Market (DOM): How Fast Are Homes Selling?
Short DOM = a fast-paced market. Longer DOM = more negotiation wiggle room. If most listings are selling in under 14 days, sellers have the upper hand. If homes are sitting for 30+ days, buyers may have more leverage. - Buyer Demand: How Competitive Is It Out There?
High demand shows up as multiple offers, over-asking bids, waived contingencies, and open-house traffic. If listings are attracting bidding wars, it’s a hot market. If sellers are offering credits and concessions, it may be cooling. - Seasonality: Know the Cycles
Most markets follow seasonal trends:
Spring: Peak season, strong activity
Summer: Still active, slightly softer
Fall: Slows down, but still solid
Winter: Slower, but motivated buyers and less competition
Knowing your seasonal context helps you time your move and tailor your strategy. - Interest Rates: What’s the Impact?
Even a 1% rise in mortgage rates can significantly affect monthly payments and buyer budgets. Track how recent rate changes have influenced demand in your area. Lower rates may bring buyers out; higher rates may cool activity. - New Construction and Local Developments
New homes can increase inventory and affect resale demand. Are there major construction projects, zoning changes, or commercial developments nearby? These may influence buyer interest and pricing in the near future. - Economic Drivers
Job growth, major employers, schools, transit, and safety all influence your local market. Stay informed about what’s changing — these factors shape long-term value and desirability. - Where Is It All Headed?
No one can perfectly predict the future, but local trends offer clues. Is your area seeing increased demand from out-of-town buyers? Are prices plateauing? Is new inventory flooding the market? Are homes appreciating faster than incomes? - Ask Your Agent for a Local Market Snapshot
A good agent will offer:
• Comparative market analysis (CMA)
• Inventory trends and days-on-market averages
• Buyer/seller traffic insights
• Neighborhood-specific data
This tailored insight beats any national article or online estimate.
The best real estate decisions come from understanding the local market, not the national news. Whether you’re buying or selling, having current, hyper-local insight gives you an edge and helps you act with confidence. Stay informed, ask questions, and lean on professionals to interpret the data in context.
Appraisal 101 How It Works And How To Prepare
Summary
A home appraisal can make or break your sale—especially when your buyer is financing. This report explains how the appraisal process works, what appraisers look for, and what you can do as a seller to influence the outcome. Learn how to prepare your home, what documents to provide, and how to handle a low appraisal if it happens. Be ready for this crucial step with confidence.
The appraisal is a key part of the home sale process, especially when a buyer is using a mortgage. It’s how the lender determines that the property is worth the amount they’re financing. But for sellers, it can feel like a wild card. Even with a great offer, a low appraisal can throw everything into chaos. Here’s how to understand—and prepare for—this critical moment.
What Is an Appraisal?
An appraisal is an independent, professional opinion of a home’s value conducted by a licensed appraiser. The buyer’s lender orders the appraisal, and the result helps the lender decide how much money to loan.
Appraisals are required for most mortgage loans to protect the lender from over-lending on a property that might not be worth the price.
What Do Appraisers Look At? Appraisers evaluate both the home itself and comparable properties. Their report includes:
- Size, layout, and condition of the home
- Age and quality of construction
- Location, including school district and neighborhood desirability
- Upgrades, renovations, and recent improvements
- Comparable recent sales (usually within the past 3–6 months and 0.5–1 mile)
They do not factor in the décor, furniture, or how “lived-in” your home feels—but presentation still matters.
How to Prepare for the Appraisal
- Clean and Declutter
Just like for showings, a tidy home makes a better impression. While appraisers aren’t judging cleanliness, a clean home helps them assess condition accurately. - Make Minor Repairs
Fix anything broken: leaky faucets, cracked tiles, squeaky doors, burned-out bulbs. Small issues can influence the appraiser’s perception of overall condition. - Boost Curb Appeal
Trim landscaping, clear walkways, and touch up paint around doors and windows. First impressions still count. - Highlight Upgrades
Leave a list of improvements you’ve made, including dates and costs (e.g., new roof, HVAC, kitchen remodel). Include receipts if possible. This helps the appraiser justify a higher value. - Be Present—But Give Space
Be available to let the appraiser in and answer questions, but avoid hovering. Offer your improvement list and let them work.
Common Appraisal Issues That Derail Sales
- The appraisal comes in below the offer price
- The appraiser uses poor comparables
- Repairs are flagged that must be completed before the loan is approved
If your appraisal comes in low, don’t panic. You can:
- Appeal the appraisal (with your agent’s help)
- Request a second appraisal
- Negotiate with the buyer to split the difference or adjust the price
What If You’re Selling to a Cash Buyer?
Cash buyers may still order an appraisal—but it’s optional. In these cases, the process may be faster or skipped entirely. If your deal doesn’t require an appraisal, it’s one less hurdle to worry about.
Conclusion:
The appraisal isn’t just paperwork—it’s a major step that can affect your sale price and closing timeline. By preparing your home and providing helpful documentation, you give your appraiser the tools to see—and report—your home’s true value. Don’t leave it to chance. Take control of this critical moment in your sale.
Bidding wars infiltrate Montreal’s rental market amid housing shortageThalita Costa de Moraes says she and her husband spend hours online every day, hoping to find a home for their growing family. She says the process goes far beyond just making an offer. “Write a letter, explain why you want to live here, tell the landlord about your family,” she explains. All the same, the family says they’ve been turned down three times – despite at one point offering $550 a month extra. The winning bid? $800 over asking. “We didn’t know how much more we should offer because of course we wanted to get the house, but we’re not going to offer twice as much money,” she said.
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‘Made-in-Ontario’ homes could be the key to solving the province’s housing crisisOntario is facing an affordability and supply crisis. With increasing demand, rising prices and housing starts down significantly, the Ontario Real Estate Association argues that the province must look to alternative methods to meet its housing targets. In a new report, Building More, Building Faster, OREA advocates for factory-built housing—commonly referred to as modular or prefabricated—as a key part of the solution.
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RETIREMENT Avoid these retirement regrets, say seniorsIn a short but powerful street-style interview video, a YouTube creator with more than a million subscribers asked retirees, aged 70 and older, about their biggest regrets, life advice, and what they’ve learned as they aged. Turns out their advice could be drilled down into six important tips that can help you find happiness, live life to the fullest and avoid financial pitfalls.
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MORTGAGES Homebuyer warning: Mortgage mistakes to avoidWayne and Kathy Paquette thought they’d found the perfect retirement plan: a sleek floating home on the water, no property tax, no snow to shovel, and a fraction of the cost of a traditional house. They paid $265,000 to a man named Joe Nemins from a company called Live on The Bay. No home was ever delivered.
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CIRA’s guide to spotting CRA scamsAs tax season approaches, many Canadians may be feeling overwhelmed and stressed. Unfortunately, scammers are aware of this and prey on people’s anxieties to extract money and obtain unauthorized access to personal data and financial information.
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What Canadians really want in their homes in 2025, according to a new surveyOne of the standout trends is the increasing demand for homes with separate entrances, particularly in Canada’s priciest provinces. A separate entrance is notably important to respondents in British Columbia (27 per cent) and Ontario (20 per cent).
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What does the Bank of Canada’s rate cut mean for the housing market?After the Bank of Canada cut the interest rate for the seventh time in a row Wednesday, experts say that’s good news for people looking to buy or sell a home in Canada. Home prices have been stable for the past two-and-a-half years and according to Phil Soper, Royal LePage president and CEO, who spoke with CP24 on Wednesday, the situation will get even better. However, Soper says the disruptions from the actions of U.S. President Donald Trump will create “pressure” and “stress” for would-be buyers and sellers.
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Buyer loses deposit after failing to close on home destroyed by fire
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407 ETR issues warning after increase in text message scamsThe 407 ETR says it has seen an increase in scammers posing as the company through text messages and fake websites.
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Should Canadian retirees own or rent their home?Faced with the rising cost of living, many American retirees are looking to control one of the most fundamental expenses: housing.
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Is The Capital Gains Tax Hike Officially “Dead In The Water”?Mark Carney and Pierre Poilievre may not align on everything, but it seems they’re on the same page when it comes to the capital gains tax increase, which was introduced by the Liberals in April 2024 and would see the inclusion rate increased from 50% to 66.7%. For individuals, the higher inclusion rate would apply to gains over $250,000.
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GTA home sales down as mortgage costs, trade war weigh on buyersHome sales in the Greater Toronto Area fell by more than one-quarter in February compared with a year ago despite buyers maintaining “substantial” negotiating power.
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Tariffs set to slow pace of homebuilding in Canada |
Are the stresses of everyday finances?For many, getting a good night's sleep is beyond finding an ergonomic pillow or taking some melatonin. Financial stress is weighing heavily on Canadians, with a new survey revealing that 60.4% of respondents go to bed worrying about money. The survey, conducted by Harris & Partners, a Canadian debt relief company, highlights the growing anxiety surrounding personal finances and the emotional toll of managing debt.
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Is now the right time to buy a Home?High interest rates have been the catalyst for a retreat in new and resale home purchases in Canada in recent years. But even as interest rates drop, homebuyers appear to be waiting on the sidelines rather than buying up ever-growing inventory. In fact, according to the latest data by The Toronto Regional Real Estate Board (TRREB), new home sales in the Greater Toronto Area (GTA) have hit record lows, signaling a significant shift in buyer confidence.
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Canada Home Sales Decline On Tariff UncertaintyUncertainty around tariffs and a potential trade war with the United States were the likely culprits behind home sales falling off during the last week of January, according to the Canadian Real Estate Association (CREA). That weakness pushed national sales down 3.3 per cent compared to December, CREA said in its latest housing report.
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Your grandparents knew a thing or two about managing moneyThe basics of managing your money successfully are as relevant today as they were when our grandparents came of age decades ago, writes Sandra Fry.
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How to file your taxes online in CanadaWhether you’re filing your taxes for the first time or looking for a better, cheaper way to do it, this short guide will show you how easy it is to file your taxes online in Canada. In truth, you can file your tax return online or by mail. But the Canada Revenue Agency (CRA) — Canada’s tax law administrator — considers filing online the fastest and easiest way to do your taxes. Quite often you can do it for free. The deadline to file your personal return for the 2024 tax year is April 30, 2025. So let’s dive into the why’s and how’s behind five simple steps that will make filing your tax online easier than you think.
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What it takes to retire with a comfortable $10,000/month in CanadaRetirement is the goal for many, but getting there can feel like a formidable but rewarding challenge. It takes preparation, diligence and patience to be able to accrue enough saved income in order to enjoy those golden years, especially suited to your individual circumstances and lifestyle preferences. It may take some extra effort, but putting in the work now to reap the rewards later is important. To help, here's a few tips on what it takes to retire with a comfortable $10,000 per month in Canada. For those between the age of 55 to 64, the median amount for saved for retirement breaks down to the following:
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CMHC predicts home sales, prices to rebound in 2025, but tariff threat clouds outlookCanada Mortgage and Housing Corp. is forecasting a rebound in home sales and prices this year as homebuyers take advantage of improved borrowing conditions, but says its outlook is clouded by the threat of widespread tariffs from the U.S. The national housing agency says a trade war between Canada and U.S., along with factors such as reduced immigration targets, would likely slow the economy and limit housing activity, even as some households see improved buying power in the short-term.
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Trump's 25% tariffs are on pause for now — So, what are tariffs and how can they impact your wallet and investment portfolio?Tariffs are taxes imposed on imported goods and services. A tariff is paid by the importing business — so if a Canadian business owner imports a good from the US, the Canadian business owner would have to pay a tariff imposed by the Canadian government on US goods. The most common form of tariff is ad valorem (Latin for, “according to value”). These tariffs are levied as a fixed percentage of the value of imports and are often used to raise revenue for government or to protect domestic industries.
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BMO forecasts 1.50% BoC rate by year-end if U.S. imposes tariffs on CanadaCanada received a temporary reprieve from U.S. tariffs for at least 30 days, but if enacted, BMO warns the Bank of Canada may be forced to cut its policy rate to 1.50% by year-end.
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5 money management tips for a successful retirementWhether you’re on the cusp of retiring or a few years (or decades) away, it’s never too late to implement smart money moves for a successful retirement. And with the start of a new year, it’s the perfect time to review your finances and make strategic decisions to safeguard and grow your wealth. To help, we've compiled five smart money moves designed to enhance your financial security and provide peace of mind during your retirement years. Use these money management tips to get your retirement savings on track.
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How families can lower gas and groceries billsChad Koch is the sole income earner of a family of seven and knows how pricy food can be. According to the 2025 Food Price Report, the average Canadian family of four spent more than $16,000 on groceries in 2024. On the other hand, Chad Koch spends up to $350 every two weeks on food and gas, (roughly $9,100 for the entire year), a much lower amount than the national average. The St. Albert resident told CTV News Edmonton, “Having as many kids as we've had, we've had to always try to make sure that we're doing the most cost-efficient grocery shopping we could." Here's how he is able to accomplish this spectacular feat against all odds.
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7 powerful ways the Bank of Canada’s rate cut could change your financial futureThe Bank of Canada (BoC) announced the first rate drop of 2025 — with a 25 basis point rate cut to its overnight rate. The rate cut of 0.25% was announced on January 29, 2025, following a 50 basis point cut in December 2024. The BoC's target rate now stands at 3.00% — pushing the bank prime rate to 5.20%. This latest rate reduction reflects the ongoing economic uncertainty due, in part, to global unrest, the threat of trade wars and a sluggish domestic economy. For most Canadians, the real question is how this latest rate cut will affect their everyday living costs and those saving for a large purchase, such as buying a home.
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What is the Bank of Canada interest rate?As of January 2025, the Bank of Canada interest rate is 3.00%. The January 29 announcement marks the first interest rate announcement of 2025. The next interest rate announcement will be March 12, 2025.
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What to expect from the Bank of Canada during the January 29 rate announcementThe Bank of Canada (BoC) is set to announce its latest target interest rate decision on January 29, 2025. This policy update is critical for Canada’s economic recovery amid global economic uncertainty. For businesses, households, and financial markets, the decision could signal the next steps in monetary policy after a year of easing inflation, resilient employment, and global trade challenges.
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First of its kind banking option for skilled tradespeople in CanadaThe CIBC Skilled Trades Banking solution will offer all apprentices in approved programs the opportunity for no-fee banking using the CIBC Smart Account.
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With declining interest rates and new lending rules, demand for housing in markets across Canada picks up in Q4Despite economic and political uncertainty – both in Canada and south of the border – a revival of our national real estate market is underway thanks to lower interest rates, changes to mortgage lending rules, and renewed buyer demand. Strong activity through the final months of 2024 in most major regions from coast to coast resulted in moderate price gains, nationally.
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Inflation ticks lower to 1.8% in DecemberOTTAWA -- Canada’s annual inflation rate fell to 1.8 per cent in December, thanks in large part to the federal government’s temporary tax break. Statistics Canada’s consumer price index report on Tuesday said restaurant food purchases, and alcohol bought from stores contributed the most to the deceleration. The federal government introduced a temporary pause on taxes to those items in mid-December, along with children’s clothing and some toys, among others.
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TREB Market WatchThe Greater Toronto Area (GTA) housing market experienced a transitionary year in 2024. Annual sales were up slightly compared to 2023, and new listings were up significantly year-over-year. Buyers benefited from substantial negotiating power on price, especially in the condominium apartment market. Average selling prices in 2024 dipped in comparison to 2023 as a result.
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Development Charges Are Out of Control – New OREA PollRecent survey finds 1 in 4 aspiring homeowners have given up, reflecting a growing housing crisis described as “unaffordable” and “overpriced”.
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Toronto area new condo sales saw steep decline in 2024The bad news keeps coming for the GTHA’s new condo market. A report from real estate analytics firm Urbanation, released Thursday, found that in 2024, new condo sales in the region totalled just 4,590, marking a 64 per cent drop from 2023.
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Simcoe County Monthly Residential ReportDecember Stats Release: See what's going on in the market!
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Housing unaffordability still rising despite billions in government measures: PBOThe report says 2.4 million Canadian households are now in “core housing need” -- 662,000 more than when Canada launched its national housing strategy in 2017. The national housing strategy aims to pull 580,000 households out of core housing need, or reduce their need, by 2028. But the PBO’s latest projections say the government is nowhere near reaching that goal.
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With declining interest rates and new lending rules, demand for housing in markets across Canada picks up in Q4Despite economic and political uncertainty – both in Canada and south of the border – a revival of our national real estate market is underway thanks to lower interest rates, changes to mortgage lending rules, and renewed buyer demand. Strong activity through the final months of 2024 in most major regions from coast to coast resulted in moderate price gains, nationally.
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Canada's unemployment rate ticks downOTTAWA - Canada's labour market capped the year with some "good news," adding 91,000 jobs in December, shattering economist expectations, though there are still calls for further interest rate cuts amid the threat of U.S. tariffs.
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Canadians' financial stress ramping up despite interest rate cuts"Despite interest rates decreasing, people are still concerned,"said Grant Bazian, president of insolvency firm MNP. The survey, conducted by Ipsos, found fewer Canadians expect their debt situation to improve in the coming year while a growing number believe it will worsen. More than half say they don't think they will be able to cover all their living and family expenses in the next year without accruing more debt. MNP's Consumer Debt Index, which measures Canadians' attitudes toward their debt and their ability to pay their bills,dropped to the second-lowest level since it began tracking in 2017. Meanwhile, Canadians' personal debt rating hit an all-time low. A third of respondents said they are insolvent, with women more likely than men to be $200 or less away from insolvency.
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2024 saw average rents fall for the first time since the pandemic, report says2024 saw average rents fall in Canada for the first time since the COVID-19 pandemic began in 2020, when rents fell 5.4 per cent, with Toronto seeing a 7.1 per cent decrease, a national rent report shows. In December, the average asking rent for all residential property types in Canada hit a 17-month low, falling by 3.2 per cent from last year to $2,109.
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2024 – a transitional year for the GTA housing market: TRREBAnnual sales saw a modest increase compared to 2023, while new listings surged significantly year over year. This influx of listings provided buyers with considerable leverage in price negotiations, particularly in the condominium apartment market. As a result, average selling prices in 2024 experienced a slight decline compared to the previous year. “Borrowing costs were top of mind for home buyers in 2024. High interest rates presented significant affordability hurdles and kept home sales well below the norm. The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year, including two large back-to-back reductions,” said TRREB president Elechia Barry-Sproule in the board’s release. “All else being equal, further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months.”
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7 Tips to give yourself a financial restart this New YearThis year, why not prioritize your financial well-being? The start of a new year is the perfect time to take control of your finances and set yourself up for success. Whether you’re recovering from holiday spending or simply looking to make smarter financial decisions, a fresh approach can help you achieve your goals. Taking a moment to reflect on your current habits, set achievable goals and create a realistic plan can make all the difference in building financial confidence.
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How much money do you need to earn to buy a house in Canada?The average income needed to buy a home keeps inching down in cities across Canada, according to the latest data. Mortgage rates continue to decrease, and in a lot of cities across Canada, real estate prices have also been easing over the past few months.
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Five reasons why home prices will rise 10% in 2025I aggressively predicted last year that the Bank of Canada would lower interest rates by two per cent and this would be the key theme of 2024. As it turns out, I was mostly correct since rates fell 1.75 per cent.
In 2025, the central bank has a little more room to lower rates, but the heavy lifting has been done. This leads to the big theme of 2025: the powerful return of residential real estate. In particular, single-family detached residential real estate (not including condominiums). I believe there will be a 10 per cent increase in price year over year from 2024 to 2025. Here are the main five reasons.
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Ontario launching rebates for energy efficient home renovations and upgradesOntario is introducing two new energy efficiency programs, including one offering rebates for certain home improvements. The Home Renovation Savings Program, launching Jan. 28, will rebate homeowners up to 30 per cent of the cost of energy efficiency renovations and improvements, such as new windows, doors, insulation, air sealing, smart thermostats, heat pumps, and rooftop solar panels and battery storage systems.
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Canada could see a wave of mortgage renewals in 2025“We have no idea how we will afford an increase.” That’s what Alecia, a Horseshoe Valley, Ont. resident, said when asked about renegotiating her mortgage in 2025 and the expected rise in costs. “It’s not just the mortgage, it’s the property tax and all other expenses that are of concern,” she told CTV News Toronto. The 63-year-old property owner is one of 1.2 million Canadians(opens in a new tab) facing a mortgage renewal in 2025, according to a report (opens in a new tab)released by the Canadian Mortgage and Housing Corporation (CMHC). At least 85 per cent of those existing home loans were contracted when the Bank of Canada’s interest rate was at or below one per cent, the report notes, which means more than one million homeowners will face “significantly higher interest rates” when they renew. The payment shock for many Canadians will come even after the Bank of Canada cut interest rates by a total of 175 basis points since last spring(opens in a new tab). Interest rates had previously reached a 22-year high in an effort to curb inflation.
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Interest rate cuts, mortgage rule changes could speed up GTA housing market in 2025, experts sayInterest rate cuts and changes to Canada's mortgage rules could set the stage for change in the Greater Toronto Area's real estate market this year, experts say. Last year the federal government expanded eligibility for 30-year mortgage amortizations to all first-time homebuyers and all purchasers of new builds and also increased the $1 million price cap for insured mortgages to $1.5 million. That means buyers can purchase a $1.5 million home with less than 20 per cent down.
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5 easy home improvement projects to tackle this winterHere are five simple home improvement ideas you can tackle this winter on a budget. Nothing transforms a room faster than a new coat of paint. Opt for soothing, warm tones like creamy beiges, sage greens, or soft terracottas to create a cozy aesthetic that can be enjoyed throughout the seasons. Feeling bold? Colour drenching is a popular trend worth exploring that involves containing a single wall colour throughout the space onto the ceiling, trim, baseboards and doors. If you’re not ready to change up the wall colours just yet, freshly-painted trim and baseboards make any space sparkle. Be sure to dust first, use low-VOC paints for a healthier indoor environment, and open windows for ventilation. Bonus: Winter’s low humidity makes it an ideal time for painting projects. Winter offers the perfect opportunity to tackle clutter. Focus on practical spaces, like your kitchen cabinets, bathroom vanities, and closets. Start by removing items that you never use or are damaged and broken. Utilize stackable bins, drawer organizers, or hanging solutions to maximize your storage. Decluttering doesn’t just clear physical space – it clears mental space, too. If you’re getting rid of items you no longer need but are still in excellent condition, consider donating them to your local thrift or consignment store. Drafty windows and doors not only make your home feel cold, but can also increase your heating bills. Seal cracks with caulking or weatherstripping, and try insulated curtains as a stylish way to keep the warmth in. If you’re feeling ambitious, our article on preparing your home for winter is worth the read. Replacing door handles, cabinet knobs, drawer pulls, lightswitch and outlet covers, or faucet fixtures is a budget-friendly way to upgrade your home without going through with a full renovation. Look for modern finishes, like brushed gold or matte black to instantly elevate your space. If you’re considering taking on a larger renovation project, winter is the perfect time to do it since supplies and services are in lower demand than in the summer months. Whether you’re working from home or have always wanted a dedicated space for a hobby, take some time to create or refresh a workspace. To create a space that’s both productive and inspiring, determine what lighting is required, ensure all items have their place, and add personality with pictures, plants and other trinkets that bring a smile to your face. Not sure how to fit an office into your current living space? Check out this article for helpful tips on how to carve out a functional workspace in any home. Home improvements don’t have to be perfect or Pinterest-worthy to make an impact. The little changes you make this winter can create a space that feels like a true reflection of you — a place where you and your family can rest, recharge, and reconnect. Start small, work at your own pace, and find joy in the process.
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2025 - Financial changes in Canada you should know about this yearThere are a few changes in federal policies that could affect Canadians' finances in the new year. Brian Quinlan, a chartered professional accountant with Allay LLP, says many of the changes are routine. These include inflation-based adjustments to what tax bracket you fall into.
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Housing market poised for 2025 comebackAs the calendar flipped one year ago, Canadian real estate watchers were optimistic a sluggish 2023 would give way to a rebound, with hopes of renewed demand as soon as the spring. But the lag in 2024 lasted longer than some expected, with the Bank of Canada waiting until June to deliver the first of the year's five interest rate cuts. While buyers stormed back to the market this fall, experts noted the first few rate cuts hadn't been enough to motivate everyone to leave the sidelines quite yet.
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Market Trend - Nov 2024Canada’s housing market continued its upward trend in November 2024, as it recorded gains in both sales activity and prices, according to the latest report from the Canadian Real Estate Association (CREA). This marks the sixth consecutive month of sales growth, further solidifying the market’s recovery since mid-year when the first cut to the overnight lending rate was made. Key urban centers such as the Greater Toronto Area, Greater Vancouver, Calgary, and Montreal all saw increased activity, with notable gains also recorded in several smaller cities across Alberta and Ontario.
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National aggregate home price forecast to increase 6.0% year over year in Q4 of 2025For the last few years, the Canadian housing market has experienced trends far outside the norm. A global pandemic, rapidly rising interest rates and economic disruptions threw the real estate market off course for a time, but 2025 is expected to bring conditions back in line with long-term historical averages.
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